Trust Firm Pays Another $15.6 Million of Its Debt
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Mortgage & Realty Trust, a real estate investment trust that recently emerged from Chapter 11 bankruptcy reorganization, said it has repaid an additional $15.6 million of its debt.
The trust, which has executive offices in Burbank and Elkins Park, Pa., said its debt now totals $374 million. The latest payment was the first of two semiannual principal payments due on the debt, and the trust said it also paid the quarterly interest of $9.3 million.
Under the trust’s reorganization plan, which was approved by the Bankruptcy Court in February, the trust is to pay back the entire $403 million it owed creditors when it filed for Chapter 11, plus interest, within 4 1/2 years.
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